Large datasets that cannot be analysed with traditional computing technology can be done with Big Data. This is the next big thing in the computing world!
The data captured nowadays is not structured all the time, it could be unstructured data which is collected from various sources like:
- Posts on various social media websites
- Tweets on Twitter.
- Pictures and videos uploaded on Facebook.
- Videos uploaded on Youtube.
- Sensors used to measure weather conditions
- Bank transaction records
- And other similar data
All this data is Big Data. It is so much deeper and broader. By analysing large amount of information, we can understand the customer behaviour and preferences deeply.
Big data is crucial for businesses because more data result into more accurate analysis. More accurate analysis results into better decision making. Better decisions results into better operational efficiencies, cost reduction and reduced risk.
4 V’s of Big Data:
Volume: – Big data has a large volume. Various factors take parts in the increase in volume.
Velocity: – Big data streams instantly.
Variety: – Data comes today in different formats and different sources like social media, CRM systems, call centre logins, emails, audio and video forms produce the variety of data
Veracity: – Accuracy is the major issue in the large Datasets.
Note: We have explained the benefits of big data with the help of infographics